Why Your Children Should Help Pay for College

Spring means college admissions, and we still recall the agonizing wait for the mail carrier. A thin envelope brought bad news, a thick envelope acceptance. Today, though, the “envelope” arrives via email – and that’s not all that’s changed.

These days, the sticker price for private colleges starts at about $40,000 a year, going much higher for a prestigious institution; in-state schools run about half that. Nearly as soon as the anxiety on the admissions front dissipates, it’s replaced by another worry: how to pay for college. This typically involves a combination of financial aid, scholarships, parents’ income and savings, and student borrowing.

While many students are taking loans – the class of 2013 graduated with an average of $35,200 – Herman advises students not to borrow so much that it will take decades to repay. Among her suggestions to cut expenses: community college for the first year or two, living at home, graduating in under four years with advanced placement credits and considering a state school instead of a private one.

Part-time work during both the school year and summers can be a significant financial help while also building self-esteem, Herman says. Plus, we all know our children are tighter with money that’s coming out of their own pockets.

Where will they find the time? Easy. A study found that college students spend about 28 hours weekly in class and on homework, and about 42 hours on social and recreational activities. A part-time job of 15 to 20 hours could prove a significant financial help, and can be squeezed in some place there. They might have to give up the afternoon naps so common on campuses, of course, but they’ll survive.